The Markets | - Part 244

Kenyan shilling hits new three-year low, more losses seen

NAIROBI (Reuters) – Kenya’s shilling weakened on Monday 11th May, with banks covering short dollar positions and traders said they expected the local currency seen easing even further. At 0802 GMT, commercial banks quoted the shilling at 95.80/90 to the dollar, a new low last seen in November 2011, compared with Friday’s close of 95.40/50. “Banks are covering short positions that they accumulated over the weekend. It’s trading with caution,” Chris Muiga, a senior trader…

Kenyan shilling softens to new 3-year low, stocks rise

Posted on by The Editorial Team

NAIROBI (Reuters) – The Kenyan shilling softened to a three-year low on Thursday due to strong dollar demand by companies seeking to settle their bills at the end of the month, traders said. At close of trade, commercial banks quoted the shilling at 94.60/70 to the dollar, from Wednesday’s close of 94.55/65.The shilling weakened to 94.75/85 in intraday trade, lows last seen in November 2011, before recovering amid concerns the central bank may intervene and…

Tanzanian finmin says shilling to stabilise on loan inflows

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s shilling is expected to stabilise in the next few days after it broke through a series of record lows against the dollar, the finance minister said. The shilling has lost 15 percent of its value against the greenback this year, mainly due to a firmer dollar and lower prices of gold in global markets. The currency of east Africa’s second largest economy traded the shilling at 1,988/1,998 per dollar…

BRVM Investment Days: West Africa’s financial centre comes closer to the London Stock Exchange

Posted on by The Editorial Team

LONDON, United-Kingdom, April 29, 2015/ — On the occasion of the second edition of the BRVM Investment days, the regional stock exchange for the eight countries of the West African Economic and Monetary Union (WAEMU) and many West-African companies have met investors from the London Stock Exchange. The regional stock exchange Bourse Régionale des Valeurs Mobilières (BRVM) welcomes the success of the second edition of its BRVM Investment days, held on April 28 at the…

Egyptian investors turn to courts to abolish tax on capital gains, dividends

Posted on by The Editorial Team

CAIRO (Reuters) – Egyptian investors challenged the government in court on Tuesday over a tax on stock dividends and capital gains, saying it is causing confusion and hampering investment. Traders say the market still doesn’t understand how the tax will be calculated or collected, adding to uncertainty aroused by an indefinite delay to parliamentary elections. The stock market hit a four-month low in early trade. The head of the Egyptian stock exchange complained the tax…

Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

Posted on by The Editorial Team

Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

Ugandan shilling weaker on central bank liquidity injection

Posted on by The Editorial Team

KAMPALA (Reuters) – The Ugandan shilling eased on Tuesday, undermined by an injection of local currency into the market by the central bank and was seen trading with a bearish bias this week. At 0838 GMT commercial banks quoted the shilling at 3,005/3,015, weaker than Monday’s close of 3,000/3,010.”There was liquidity tightness but the central bank injected shillings which has pushed the unit lower (weaker),” said David Bagambe, trader at Diamond Trust Bank Uganda. The…

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